FNOV vs. BAPR

Last updated Jun 24, 2026

FNOV (FT Vest U.S. Equity Buffer ETF - November) and BAPR (Innovator U.S. Equity Buffer ETF - April) are both Defined Outcome funds - FNOV tracks the S&P 500 while BAPR tracks the Cboe S&P 500 Buffer Protect Index April. Both are passively managed. Over the past 5 years, FNOV returned 9.01%/yr vs 10.86%/yr for BAPR. Their correlation of 0.91 suggests significant overlap in exposure. FNOV charges 0.85%/yr vs 0.79%/yr for BAPR.

Performance

FNOV vs. BAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - November (FNOV) and Innovator U.S. Equity Buffer ETF - April (BAPR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNOV achieves a 5.69% return, which is significantly lower than BAPR's 10.04% return.

FNOV

• 1D: -0.65%
• 1M: -0.07%
• YTD: 5.69%
• 6M: 5.21%
• 1Y: 17.95%
• 3Y*: 13.66%
• 5Y*: 9.01%
• 10Y*: —

BAPR

• 1D: -0.67%
• 1M: -0.06%
• YTD: 10.04%
• 6M: 10.03%
• 1Y: 18.64%
• 3Y*: 14.48%
• 5Y*: 10.86%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FNOV vs. BAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNOV FT Vest U.S. Equity Buffer ETF - November	5.69%	14.66%	12.48%	19.69%	-8.88%	10.77%	12.30%	2.37%
BAPR Innovator U.S. Equity Buffer ETF - April	10.04%	8.28%	15.95%	23.16%	-7.04%	12.58%	6.19%	2.56%

Correlation

The correlation between FNOV and BAPR is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Nov 18, 2019	0.91

The correlation between FNOV and BAPR has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

FNOV vs. BAPR - Sectors Allocation Comparison

Sectors	FNOV	BAPR
Technology	39.0%	38.4%
Financial Services	11.1%	11.0%
Communication Services	10.6%	10.8%
Consumer Cyclical	9.9%	10.0%
Healthcare	8.3%	8.4%
Industrials	7.8%	7.9%
Consumer Defensive	4.5%	4.6%
Energy	3.1%	3.2%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

FNOV vs. BAPR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FNOV

FNOV Risk / Return Rank: 81
FNOV Sharpe Ratio Rank: 82
FNOV Sortino Ratio Rank: 85
FNOV Omega Ratio Rank: 85
FNOV Calmar Ratio Rank: 69
FNOV Martin Ratio Rank: 86

BAPR

BAPR Risk / Return Rank: 96
BAPR Sharpe Ratio Rank: 93
BAPR Sortino Ratio Rank: 96
BAPR Omega Ratio Rank: 96
BAPR Calmar Ratio Rank: 97
BAPR Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FNOV vs. BAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - November (FNOV) and Innovator U.S. Equity Buffer ETF - April (BAPR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FNOV	BAPR	Difference
Sharpe ratio: Return per unit of total volatility	2.39	3.24	-0.85
Sortino ratio: Return per unit of downside risk	3.44	5.31	-1.87
Omega ratio: Gain probability vs. loss probability	1.46	1.76	-0.30
Calmar ratio: Return relative to maximum drawdown	3.16	9.69	-6.53
Martin ratio: Return relative to average drawdown	16.51	47.41	-30.90

FNOV vs. BAPR - Sharpe Ratio Comparison

The current FNOV Sharpe Ratio is 2.39, which is comparable to the BAPR Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of FNOV and BAPR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FNOV vs. BAPR - Drawdown Comparison

The maximum FNOV drawdown since its inception was -24.41%, roughly equal to the maximum BAPR drawdown of -23.91%. Use the drawdown chart below to compare losses from any high point for FNOV and BAPR.

Drawdown Indicators

	FNOV	BAPR	Difference
Max Drawdown Largest peak-to-trough decline	-24.41%	-23.91%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-5.71%	-1.93%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-13.11%	-15.58%	+2.47%
Max Drawdown (5Y) Largest decline over 5 years	-15.87%	-15.58%	-0.29%
Current Drawdown Current decline from peak	-0.89%	-0.93%	+0.04%
Average Drawdown Average peak-to-trough decline	-2.90%	-2.58%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.39%	+0.70%

Volatility

FNOV vs. BAPR - Volatility Comparison

FT Vest U.S. Equity Buffer ETF - November (FNOV) has a higher volatility of 2.22% compared to Innovator U.S. Equity Buffer ETF - April (BAPR) at 2.06%. This indicates that FNOV's price experiences larger fluctuations and is considered to be riskier than BAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNOV	BAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	2.06%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	4.91%	+1.08%
Volatility (1Y) Calculated over the trailing 1-year period	7.56%	5.79%	+1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	11.51%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.64%	13.09%	+0.55%

FNOV vs. BAPR - Expense Ratio Comparison

FNOV has a 0.85% expense ratio, which is higher than BAPR's 0.79% expense ratio.

Dividends

FNOV vs. BAPR - Dividend Comparison

Neither FNOV nor BAPR has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FNOV and BAPR in my portfolio?

With a correlation of 0.91, FNOV and BAPR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FNOV or BAPR?

FNOV has higher volatility (2.22%) compared to BAPR (2.06%). In terms of maximum drawdown, FNOV dropped -24.41% vs BAPR's -23.91%.

Which ETF is better, FNOV or BAPR?

On 5-year performance, BAPR leads with 10.86% vs 9.01% for FNOV. On fees, BAPR is cheaper at 0.79% per year. On volatility, BAPR has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNOV or BAPR?

Over the 5-year period, BAPR has performed better with a 10.86% return vs 9.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNOV or BAPR?

BAPR is cheaper with a 0.79% expense ratio, compared with 0.85% for FNOV.

Which ETF pays a higher dividend yield, FNOV or BAPR?

FNOV and BAPR have nearly identical dividend yields, around 0.00%.

What is the main difference between FNOV and BAPR?

FNOV tracks S&P 500, while BAPR tracks Cboe S&P 500 Buffer Protect Index April. They also come from different issuers: FT Vest and Innovator. Their fees differ too: 0.85% for FNOV and 0.79% for BAPR.

Which has better risk-adjusted returns?

BAPR currently has the higher Sharpe Ratio (3.24 vs 2.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.